But the disclosure on Google's perfectly legal corporation tax position in the UK, contained in filings submitted to Companies House, threatens once again to raise scrutiny over the company's tax practices amid accusations of avoidance tactics.

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Margaret Hodge, chairman of the Public Accounts Committee, has claimed Google's approach to tax meant "it did do evil", contrary to its corporate motto. Mrs Hodge called earlier in the summer for David Cameron to intervene over Google's tax affairs, arguing that the company had a moral obligation to contribute more to society.

Meanwhile, Mr Kwarteng said the Tories were expected to be competent - not friendly or emotional, as he called for the party to focus on having a clear economic plan as well as being the "party of business."

"People do not expect us to be terribly friendly or terribly in touch with our emotional side," Mr Kwarteng told an IEA fringe as conference opened in Manchester. "What they expect, what they look to from a conservative government is competence and have a plan."

He added: "We've got to be the party of business and free enterprise," he said. "I'm very skeptical of bashing business, if they see every party bashing business, we'll end up with a left wing government."

Mr Kwarteng said the "central lesson we should have learned" from the crisis is the importance of fiscal responsibility and balanced budgets.

Dominic Raab, MP, argued that there was a perception that anti-business policies help ordinary people. He said the Conservatives "need to show that capitalism is there for the little guy not just big business."

Chris Skidmore MP argued that the Tories needed "We need to come up with a manifesto that is not just facts and figures and numbers but also the language of ordinary hard working people."

Ms Leadsom also called for the Chancellor to give shares in the Royal Bank of Scotland to the public. She argued that it would be "poetic justice" for taxpayers and would give "people the sense they area getting something back for the massive investment they've made."

Ms Leadsom said she was "exceedingly concerned" about the prospect of another housing bubble fuelled by the Chancellor's Help to Buy scheme. She argued for a cap to be imposed on the value of the house bought under the scheme at around £300,000.

Mr Kwarteng said he is "uneasy" about the Government intervening in the credit markets "so directly."